Both systems. Along with it process of accumulation of the capital in new system

_it on capital accumulation _

_1. General provisions _

Question on how the pension system influences level of investments into economy,

It is combined enough. From the certain point of view a provision of pensions

Represents a kind of "compulsory" savings which reduce size
"Voluntary" savings, and their balance remains not clear. On it
The basis one consider that systems of a provision of pensions reduce level
Investments, others - that raise.

In this section it is represented to us expedient not to search for the answer to a question,

Whether in itself existence of pension system influences accumulation process

The capital in economy and to contemplate more private problem: whether can
The pension system installed in 1981 to affect on
The mechanism of savings and investments.

At the analysis of this question it makes sense to differentiate the consequences connected with

Transition to new pension system, on short-term and long-term.

_2. Short-term consequences (transition period) _

Short-term consequences of transition to new system were characterised by that

Insurance cash desks of old system have ceased to receive payments from those who has passed in

New and whose payments have started to collect in a pension fund. Differently,

The number insured in old system was sharply reduced, but number of pensioners

Remains former that has led to considerable deficiency of means which should
To be filled at the expense of state financing. As to size
Cumulative savings its dynamics can be different depending on
The chosen mechanism of financing.

If financing of the budgetary deficiency called by pension reform, is
It is carried out by means of sale of the state promissory notes
To private sector, that is by public debt increase, the general
The size of savings in economy remains invariable, as increase

Private sector savings to equally reduction of the state savings. It is possible

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